Stocks close lower on Amazon outlook, trade worries

Stocks ended sharply lower Friday as shares of Amazon led the major indexes lower on the month’s first day of trading. Concerns over a potential trade skirmish between China and the U.S. also dented sentiment.

The Dow closed down 622 points, or 2.5%, as Dow Inc and Exxon Mobil each fell more than 7%. The S&P 500 dropped 2.8%, with consumer staples and communications stocks leading the broad market index down. The Nasdaq finished 3.2% lower as a host of big-tech names fell.

Amazon led declining stocks on the week’s final day of trading, with shares down 7.6%, after the company announced plans to spend all its second-quarter profits on its coronavirus response. The e-commerce behemoth also posted a first-quarter profit that missed analyst expectations.

Apple reported quarterly earnings that topped analyst expectations, but its revenue growth remained flat on a year-over-year basis. It also did not offer guidance for the quarter ending in June amid uncertainty over the coronavirus outbreak. The tech giant’s stock dropped 1.6%.

https://www.msn.com/en-us/money/markets/stocks-close-lower-on-amazon-outlook-trade-worries/ar-BB13rmsm?li=BBnbfcN